Old newspapers have overly narrow columns that make both full justification and hyphenation ugly. I don’t think we should be looking at 100-year old newspapers for inspiration. Maybe look at them and see how far we’ve come and how much improvement we have in modern printed matter.
Instead we should look at modern books. Without paying good money to use tools like InDesign, just use LaTeX with microtype together with the default margins. You will get the ideal width for text lines (about 60 to 80 characters), full justification with minimal hyphenation.
The problem with your argument is that if you look at 100 year old books and modern newspapers, you arrive at exactly the opposite conclusion - it seems we ditched full width text a long time ago and fully switched to narrow columns, and it must've been for a reason!
Instead we should look at modern books. Without paying good money to use tools like InDesign, just use LaTeX with microtype together with the default margins. You will get the ideal width for text lines (about 60 to 80 characters), full justification with minimal hyphenation.